Don't let it get away!

ING Groep (NYSE: ING) has filed a preliminary prospectus for its American subsidiary, ING U.S, in its ambition to float an IPO of the unit. The offering will have two components, a primary one offered by the subsidiary and a secondary one from the parent. The price range is estimated at $21-$24 per share.

ING Groep anticipates that the IPO will bring in total proceeds of $1.4 billion-$1.5 billion, with ING U.S. taking in around $600 million and the parent entity the remainder.

The company said it will use the proceeds from the secondary issue to pay down the parent firm's debt. Following the two offerings, ING Groep's stake in ING U.S. will be further reduced to roughly 71%.

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Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.